Niko Resources Limited has decided to buy Voyager Energy Limited which is private junior oil and Natural Gas Exploration Company and a partner in Niko's 2AB exploration block in Trinidad. 2AB Block is a shallow water exploration block which covers about 16,000 square kilometers off the coast of the country. Voyager also gains interest in the Shallow and Deep Horizon Central Range blocks and the Shallow and Deep Horizon Guayaguayare blocks of Trinidad.

One share for every 53 shares of Voyager will be delivered by Calgary-based Niko. About $37.6 million will be offered based on the Friday's closing stock price. Last year Niko gained a 26 percent interest in the exploration block but Voyager acquired 9.75 per cent, Centrica PLC 29.25 per cent and Petrotrin 35 per cent in the same period of the year. On Friday, Niko closed at C$95, in Toronto.

Gerold Fong, president and chief executive of Voyager, will join Niko soon. A meeting of Voyager shareholders is scheduled in March to vote on the proposed deal.